Today’s Featured Interview:
FCA’s Dedication to Building a More Diverse and Inclusive Dealer Body
Empowering minority-owned dealerships is a step in the right direction when it comes to growing diversity in the auto industry. OEMs must understand their role in creating successful opportunities for minority dealers. At FCA, Eric Wong and Wadette Bradford are using their platform to grow diversity in the retail automotive sector. Eric serves as FCA’s senior manager of dealer market representation, diversity, and technology, and Wadette works as FCA’s manager of dealer network diversity and investments. They joined CBT to talk about FCA’s Dealer Diversity Program. Watch the full segment here.
Top Headlines:
Lucid Motors is setting its sights on Tesla. CEO Peter Rawlinson says Lucid has the cash, technology, and talent to be the first true rival to Tesla in the electric vehicle market. Rawlinson became the CEO of the electric vehicle start-up in April of 2019 and has helped Lucid take strong steps towards entering the market. The company will enter the market with the Lucid Air sedan which set to launch into production in 2021.
Detroit’s two biggest automakers are nearing a deal to manufacture tens of thousands of ventilators for COVID-19 relief. Ford Motor Company is expected to reach 50,000 ventilators produced by the end of August to fulfill a $336 million dollar contract with the Department of Health and Human Services. Meanwhile, General Motors is on track to complete 30,000 ventilators by the end of the month to fulfill a $490 million dollar federal contract.
Ram unveiled their newest heavy-duty truck on Monday, the 2021 Ram 1500 TRX. The truck comes equipped with a powerful 700 horsepower V8 Hellcat engine and is expected to go on sale this year starting at $71,690. The new truck features a more aggressive exterior design and is set to directly compete with the Ford Raptor.
News Stories & Opinion:
Stimulus Package Delayed, Not Expected Until September
As is the trend with most negotiations lately, Congress cannot agree on a stimulus package that would assist the U.S. amid the unforgiving coronavirus pandemic. Arguments over what payments should go towards and how much money should be given in aid have crippled both the Senate’s and the House’s abilities to come to a deal for President Trump to sign. After extending the Senate’s session almost an entire week in the hopes of coming up with a plan, senators all left for summer recess on August 13. Meanwhile, the House of Representatives went home for recess back on July 31. Read More
How F&I Can Benefit from a Little Positivity and a Return to ‘Normal’
The headlines all throughout the media and even the industry trade publications all seem to be negative when it comes to the state of auto sales. Bad news all the way around. Sales are slow. Wholesale prices have bottomed out in the used car segment. Franchises are running out of inventory because many of the auctions have scaled back operations. Oh…and Hertz could be forced to dump hundreds of thousands of fleet vehicles into a market that’s already struggling. Unemployment is skyrocketing. Read More
Did you enjoy today’s automotive newscast? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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